News

Merger of Siemens Wind Power and Gamesa receives antitrust clearance

13 March 2017

All antitrust approvals obtained

Closing of the merger expected early April

The merger of
Siemens' Wind Power business and Gamesa has today received unconditional
clearance from the European competition authorities. Antitrust approvals have
now been obtained in all required jurisdictions, and all the conditions
precedent for the merger have been satisfied. Subject to pending closing
actions, Siemens and Gamesa expect to close the merger early in April, after
the registration of the merged entity in the Vizcaya Companies Register.

"We have reached a
milestone in our path to merge Gamesa and Siemens Wind Power and create a
leading global wind player. This merger is designed to combine the
complementary strengths of both companies to benefit our customers,
shareholders, employees, and suppliers. I'm excited about bringing the new
company to the market very soon," said Lisa Davis, member of the Managing Board
of Siemens AG.

"We're very pleased to have
received unconditional approval from the European Commission. This is an
historic moment for both Gamesa and Siemens Wind Power," said Ignacio Martín, Executive Chairman and CEO of
Gamesa. "This approval brings us one step closer to turning our vision of
creating a global leader into reality and forming a company with presence in
all the important wind markets," Martín added.

The joint management
team of the merged company will take office after being appointed at the first
meeting of the new company board and will be announced to all stakeholders
promptly after the appointment.

Strongly endorsed
from the beginning, the merger was approved by Gamesa's shareholders in October
by a majority of 99.75%. In December, Spain's securities market regulator
(CNMV) confirmed the merger.

The transaction will
create a global wind leader with an installed base of 75 GW, an order book of €20.9
billion and revenue of €11 billion, using pro forma data for the last twelve
months as of December 2016. Adjusted pro forma EBIT totals €1.06 billion and
implies a margin of 9.6%. Siemens will fully consolidate the merged entity in
its financial statements. The merged entity will
remain listed on the Spanish stock exchange.